Real estate contract deadlines can be ambiguous at times. Here are a couple tips to help prevent ambiguous deadlines in a contract:
1. Effective date: Often, a deadline is scheduled to occur a specified number of days from another day. For instance, the inspection period deadline might be 15 days from the effective date. It is essential that all parties to the transaction know and agree on the effective date to ensure proper compliance with deadlines.
The effective date should be defined in your contract. It might be defined as an exact date, the last date the parties sign the contract, or the last date the contract is delivered to each party. At the start of any real estate transaction, buyer and seller should contact one another in writing and agree on the effective date.
2. Specific dates: Use specific dates, where possible, when inputting dates and deadlines in a contract. It is much clearer and easier when you see the date of closing is “February 23, 2025,” rather than “the date of closing is 45 days from the effective date.” Parties are not always clear on the effective date, so inputting an exact date can avoid ambiguity.